Demeter acquires Chesneau

The firm is drawing equity from its Fonds Europeen des Materiaux, which held its first close on €21m in 2015. The vehicle deploys €500,000-2.5m tickets in exchange for minority stakes in startups and SMEs operating within the materials sector.

The company's newly appointed CEO, David Rémongin, and other managers have reinvested in the business, increasing their stakes, while the company's president, Frederic Chesneau, remains a shareholder. Existing shareholder UI Gestion also reinvested in the company in this transaction.

Following the deal, the company will optimise its processes, diversify its service and develop a new offering related to the company's Portugal-based subsidiary.

The company expects to generate revenues of more than €10m in 2019, up from €8m in 2018.

Caisse d'Epargne Grand Est Europe and Crédit Agricole de Champagne-Bourgogne provided financing for the transaction.

Previous funding
UI Gestion became a shareholder in the company in 2011.

Company
Founded in 1999 and based in Sarrey, the company employs 80 people. Chesneau acts as a partner to aerospace engine manufacturers such as Safran Aircraft Engines. The company is an aircraft engine polishing and adjustment specialist.

People
Chesneau – Frédéric Chesneau (president); David Rémongin (CEO).

Advisers
Equity – Grant Thornton (financial due diligence); Filhet Allard (insurance due diligence); HPML (legal); Cylad Consulting (commercial due diligence).
Company – Fidal (legal); Fileas (legal).

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